Varishtha Pension Bima Yojana is a senior citizen scheme launched by the Government of India after the success of the earlier launched LIC Varishtha Pension Bima Yojana in 2014. My question is not related to finance. or once invested, you cannot change the figure …??? Thank you very much for the clarification Mr Basu. Don’t invest in this product if you are unable to manage your expenses with Rs.5, 000. I know the rules may be silent. To get a stable monthly income, the LIC Varishtha Pension Bima Yojana can be conveniently combined with any other pension schemes. Can I go for this scheme when I am already having a similar scheme since 2004 and getting 2000.00 per month in my account. If they are very much happy with 9% of return (not adjusted to tax and inflation) then they can go ahead. Don’t invest in this product if you are concerned about inflation. Yes, rest of the rules will remain same. Had LIC issued the Policy document immediately or within a reasonable time ( week or so) then this loss could have been avoided. Government of India in the Union Budget 2014-2015, announced the revival of LIC Varishtha Pension Bima Yojana. But returns from both are taxable. So, Life Insurance Corporation of India has started several schemes for all the Indian citizens. advice. So need to pay whatever is over to this limit. LIC maintains top rank in the list of Indian Insurance Companies. Can you please let me know how much amount I should invest? On the death of a pensioner, the nominee receives the invested amount back. It is valid for one year only. You can surrender the LIC Varishtha Pension Bima Yojana Plan after you complete a policy period of 15 years. Varishtha pension Bima Yojana: LIC Varishtha pension Bima Yojana is for senior citizens of a state. Will this pension be taxable under the IT Laws? One can surrender only after 15 years. B G, what is the last day when this scheme closes ? 9) Liquidity is not an issue after 15 years. LIC Varishtha Pension Bima Yojana is a pension plan released by Life Insurance Corporation of India. Jagan-Sir you can do so. I am 70 yrs old and already holding Varista Bhima scheme offered earlier through LIC and getting Rs 2000 as pension per month. 6,66,665. So they are treating the earlier and this plan separately. I have tried a lot by myself/googling and can not find a solution. Usha-No need to have such table. You have various options to choose pension like monthly, quarterly, half-yearly or yearly. It is unnecessary harassment for senior citizen to visit bank for this TDS issue as well as loss of income excluding if say auto rickshaw takes Rs.200 for visiting bank. Praveen-Simple…calculate it using above proportionate. So, total 687265/-. Please be noted that in order to getRs 5000 interest per month you need to invest Rs. sir, i am shwetha ,my father age is 65 so i want to invest behalf of them ,my wish is he supposed to get 5000 rupees per month as commission,what amount i have to invest,? One can avail loan after 3 years. In this case, the surrender value will be 98% of purchase price. Isham-Yes it is taxable. Don’t invest in this product if your family retirement corpus is more than Rs.6, 66,665. Do remember that over all limit in this plan is Rs.5,000 per month per family. Under this plan, the surrender value will be the refund of purchase price. It is treated as best pension plan because returns quoted as more than 9%. I come in the taxable range of 10%e. I have started a blog . 1) This plan is available only from 15h August 2014 to 14th August 2015 (as currently declared by Govt). A senior citizen is exempt from filing return if income less than limit. Nitin-Yes you are correct but not at big numbers. Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C. Pension that is received is taxable. Killi-No it will not come under Sec.80C of income tax. So it will be hard for pensioners until 75 years of their age if they have some other emergencies. “”Service Tax Exemption on VPBY Effective April 1, 2015″”. During the lifetime as a pensioner, a pension will be paid monthly, quarterly, half-yearly or annually as opted by the policyholder. Abdul-No tax benefit by investing in above plan. The pension will directly credited to your bank account through ECS/NEFT. if as of today, i am able to invest only a minimum amount as per the scheme, and over a period of time, say a year or two, i am able to accumulate Rs.6 L (i.e. Is the principle amt invested by me refundable on completion of 15 years , kindly clarify . The maximum pension limit is not only for individuals, but also to the whole family. The return of LIC Varishtha Pension Bima Yojana is above 9%. can I join the new scheme though I am enjoying the benefits under old scheme how much is surcharge thanks for educating seniors god bless u. Srinivasan-If you are not member of this plan then you can go ahead. LIC Varishtha Pension Bima, LIC Pension 2020, Apply Online, LIC Varishtha Pension Bima Online, Varishtha Pension Bima Scheme: As everybody knows, the fact that how much important for everyone to save some amount of money for their future. THANK YOU FOR YOUR KIND REPLIES TO BOTH MY QUERIES… AND I REALLY APPRECIATE YOUR PATIENCE IN HANDLING STUPID QUESTIONERS LIKE ME !!! Indian Government has announced to relaunch the Varishta Pension Bima Yojana under budget 2014-15.
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